BUAD 301 EXAM 1 – BAMBACH QUESTIONS ANSWERED CORRECTLY GRADED A+
Marketing - Answers the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-satisfying
goods and services to consumer or client.
• Applies to profit and non-profit organizations
• More than just selling and advertising
• Begins with customer needs- do not start with production
• Marketing should provide direction and coordinate
• Two or more parties must be willing to exchange something for something else
• Build a relationship with the customer
Macro marketing - Answers a social process that directs an economy's flow of goods and
services from producers to consumers in a way that effectively matches supply and demand
and accomplishes the objectives of the society.
Spatial separation - Answers producers tend to locate where it is the economical to produce,
while consumers are located in many places
Separation in time - Answers consumers may not want to consume goods and services at the
time producers would prefer to produce them, and time may be required to transport goods
from producer to consumer
Separation of information - Answers • producers do not know who needs what, where, when,
and at what price. Consumers to not know what is available from whom, where, when, and at
what price
Separation in values - Answers • producers value goods and services in terms of cost and
competitive prices. Consumers value them in terms of satisfying needs and their ability to pay
Separation of ownership - Answers • producers hold title to goods and services that they
themselves do not want to consume. Customers want goods and services that they do not own
Buying function - Answers • looking for and evaluating goods and services
Selling function - Answers promoting the product
Transporting function - Answers the movement of goods from one place to another
Storing function - Answers • involves holding goods until consumers need them
Standardization of grading - Answers • sorting products according to size and quality. Makes
, buying and selling easier because it reduces the need for inspection and sampling
o WAWA milk
Financing - Answers • provides necessary cash and credit to produce, transport, store, promote,
sell and buy products.
risk taking - Answers • bearing the uncertainties that are part of the marketing mix. A firm can
never be sure that customers will want to buy its products. Products can also be damaged,
stolen, or outdated.
market information function - Answers • the collection, analysis, and distribution of all the
information needed to plan, carry out, and control market activities.
Simple trade era - Answers a time when families traded or sold their surplus output to local
distributers.
production era - Answers from industrial revolution until the 1920s; when a company focuses on
production of a few specific products- perhaps because few of these products are available in
the market. "if we make it, we sell it"
sales era - Answers a. 1930s; when a company emphasizes selling because of increased
competition
marketing department era - Answers a. a time when all marketing activities are brought under
the control of one department to improve short run policy planning and try to integrate all the
firm's activities
marketing company era - Answers a. since 1960; most firms have developed at least some
managers with marketing management outlook. A time when, in addition to short run marketing
planning, marketing people develop long range plans, and the whole company effort is guided by
the marketing concept.
the marketing concept - Answers an organization aims all its efforts at satisfying its customers
at a profit. Well managed firms have a marketing orientation. A market orientation means trying
to carry out the marketing concept. Instead of just trying to get customers to buy what the firm
has produced, a marketing oriented firm tries to offer the customers what they need.
customer satisfaction - Answers 1. when customers have choices, they choose companies that
best meet their needs, desires, and expectations. They purchase again from these companies
and tell their friends
a total company effort - Answers 1. a philosophy of the whole organization, not just the ideas
that apply to the marketing department. The total systems efforts are guided by customer
needs and wants
Marketing - Answers the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-satisfying
goods and services to consumer or client.
• Applies to profit and non-profit organizations
• More than just selling and advertising
• Begins with customer needs- do not start with production
• Marketing should provide direction and coordinate
• Two or more parties must be willing to exchange something for something else
• Build a relationship with the customer
Macro marketing - Answers a social process that directs an economy's flow of goods and
services from producers to consumers in a way that effectively matches supply and demand
and accomplishes the objectives of the society.
Spatial separation - Answers producers tend to locate where it is the economical to produce,
while consumers are located in many places
Separation in time - Answers consumers may not want to consume goods and services at the
time producers would prefer to produce them, and time may be required to transport goods
from producer to consumer
Separation of information - Answers • producers do not know who needs what, where, when,
and at what price. Consumers to not know what is available from whom, where, when, and at
what price
Separation in values - Answers • producers value goods and services in terms of cost and
competitive prices. Consumers value them in terms of satisfying needs and their ability to pay
Separation of ownership - Answers • producers hold title to goods and services that they
themselves do not want to consume. Customers want goods and services that they do not own
Buying function - Answers • looking for and evaluating goods and services
Selling function - Answers promoting the product
Transporting function - Answers the movement of goods from one place to another
Storing function - Answers • involves holding goods until consumers need them
Standardization of grading - Answers • sorting products according to size and quality. Makes
, buying and selling easier because it reduces the need for inspection and sampling
o WAWA milk
Financing - Answers • provides necessary cash and credit to produce, transport, store, promote,
sell and buy products.
risk taking - Answers • bearing the uncertainties that are part of the marketing mix. A firm can
never be sure that customers will want to buy its products. Products can also be damaged,
stolen, or outdated.
market information function - Answers • the collection, analysis, and distribution of all the
information needed to plan, carry out, and control market activities.
Simple trade era - Answers a time when families traded or sold their surplus output to local
distributers.
production era - Answers from industrial revolution until the 1920s; when a company focuses on
production of a few specific products- perhaps because few of these products are available in
the market. "if we make it, we sell it"
sales era - Answers a. 1930s; when a company emphasizes selling because of increased
competition
marketing department era - Answers a. a time when all marketing activities are brought under
the control of one department to improve short run policy planning and try to integrate all the
firm's activities
marketing company era - Answers a. since 1960; most firms have developed at least some
managers with marketing management outlook. A time when, in addition to short run marketing
planning, marketing people develop long range plans, and the whole company effort is guided by
the marketing concept.
the marketing concept - Answers an organization aims all its efforts at satisfying its customers
at a profit. Well managed firms have a marketing orientation. A market orientation means trying
to carry out the marketing concept. Instead of just trying to get customers to buy what the firm
has produced, a marketing oriented firm tries to offer the customers what they need.
customer satisfaction - Answers 1. when customers have choices, they choose companies that
best meet their needs, desires, and expectations. They purchase again from these companies
and tell their friends
a total company effort - Answers 1. a philosophy of the whole organization, not just the ideas
that apply to the marketing department. The total systems efforts are guided by customer
needs and wants
